Insurance and Reinsurance

I INTRODUCTION
i Nature of the insurance and reinsurance market
Since May 2014, the number of active insurance companies incorporated in Turkey is 61, consisting of 37 non-life insurers, 19 life and pension insurers, four life insurers and one reinsurer. »

The risks and regulations driving the Turkish insurance market’s growth
NEED TO KNOW
Nearly three-quarters of Turkish insurance companies have foreign owners or partners
Penetration is low but government measures could increase it
E-commerce growth and hacking attacks may push demand for cyber cover
Emerging risks as well as new and upcoming regulations are driving the growth of the Turkish insurance market, explain Pelin Paysal and Ilgaz Önder, partner and associate at Gün + Partners.»

According to the Insurance Association of Turkey, there are currently 61 active insurance companies incorporated in Turkey consisting of 37 non-life insurers, 19 Life and Pension insurers, four life insurers and one reinsurer. »

1 Regulatory
1.1 Which government bodies/agencies regulate insurance (and reinsurance) companies?
The insurance regulatory agency in Turkey is the Insurance Undersecretariat of the Treasury (the “Undersecretariat”). »

1. Introduction & General Background
Third party right for direct claim has been explicitiy recognized with a specific provision (Article 1478) introduced by the new Turkish Commercial Code numbered 6102 and dated January 13!h, 2011 OheTCC”). »